Third Estimated Tax Payment Due September 16
As tax professionals, it's essential to help clients stay compliant and avoid penalties by ensuring timely tax payments. The IRS recently reminded taxpayers that the deadline for the third estimated tax payment is September 16, 2024. This applies to individuals, including those who are self-employed, investors, or retirees, who do not have taxes withheld and must make quarterly payments to avoid penalties.
Payment Deadlines for Disaster Areas
For clients in federally declared disaster areas, there's good news. The IRS has granted additional time to make these payments, depending on the location and specific disaster declaration. For example, those impacted by severe storms or wildfires may qualify for extended deadlines. Be sure to check the IRS website for detailed information on eligible areas and revised due dates.
A Good Time to Review Estimated Payments With Your Clients
For most clients, meeting the September 16 deadline is critical. Encourage your clients to assess their income, ensure accurate payment calculations, and stay ahead of the deadlines to avoid interest charges or penalties. It's also an excellent time to review their estimated tax payment strategy and adjust if necessary based on year-to-date earnings.
Helping your clients stay on track with estimated payments not only keeps them compliant but also strengthens your professional relationship as a trusted advisor.
Disclaimer: This article is for informational and educational purposes only and does not constitute legal tax advice. Advanced Tax Solutions is not liable or responsible for any damages resulting from or related to your use of this information. It is your responsibility to refer to official IRS documentation for information regarding any tax laws or tax information shown here.
